Mayor Announces More Than $28M to Support Affordable Housing

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Posted: Sunday, March 27, 2016 8:51 pm

BOSTON, Mass. -- Mayor Martin Walsh announced $28 million in funding awards to support the creation of affordable housing throughout Boston. The funding, which will preserve or produce 837 housing units, comes from $21 million of federal and local resources awarded through the Department of Neighborhood Development and $7 million of Linkage funds, awarded through Boston's Neighborhood Housing Trust.

"We are committed to creating a Boston where everyone who wants to live here, can afford to," said Mayor Walsh. "I thank our local, state and federal partners for these housing investments that create good jobs and fuel our economy."

The new funding will leverage more than $323 million dollars of public and private investment in the neighborhoods, and will help to create an estimated 500 construction jobs. These developments will also create 125 units for homeless or extremely low-income families.

In the interest of using resources for projects that meet the goals of the Mayor's housing plan, the Requests for Proposals for these funds outlined specific criteria by which projects were evaluated. These criteria included:

  • Affordable housing developments that utilize city owned land.
  • Developments with costs below the per unit limits, and do not rely on constrained resources, so that the project may move into development and construction more quickly.
  • Affordable housing developments that provide units that serve the disabled community, vulnerable or special needs populations, elders, veterans, artists, or aging-out youth.
  • Acquisition of unrestricted housing developments in order to stabilize tenancies and provide long-term affordability for a mix of incomes.
  • Developments that are at high risk of losing their affordability within five years.

With the awarding of these funds, the Walsh Administration has now made more than $66 million in affordable housing available since Mayor Walsh took office.

SOURCE: City of Boston

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